- Identifying International Collaborative Prospects for Local Pharmaceutical Entities at the Premier Pharmaceutical Showcase
The Korea Trade-Investment Promotion Agency (KOTRA) is set to manage the Korean Pavilion at the 2023 Barcelona World Drug Exhibition (CCPHI Barcelona 2023, CPHI) in Barcelona, Spain, from October 24 to 26, with the aim of fostering global partnerships for promising domestic pharmaceutical companies.
This year marks the 33rd edition of the CPHI exhibition, which was inaugurated in 1990. Traditionally, it has embarked on an annual journey through significant European cities. After its stint in Barcelona, the next stop is Milan, Italy, in 2024, following Frankfurt, Germany, in 2022. Prior to the global health crisis, the event used to attract over 40,000 attendees and boasted the participation of more than 2,000 pharmaceutical companies each year. It encompasses the entire healthcare industry, encompassing aspects such as pharmaceuticals, pharmaceutical facilities, outsourcing services, biopharmaceuticals, and cosmetics.
KOTRA consistently leads the CPHI Korean Pavilion Project as part of its efforts to assist local pharmaceutical companies in expanding their global presence. This year, 40 Korean pharmaceutical enterprises are joining the Korean Pavilion, poised to uncover international buyers and new business prospects. Their offerings span the gamut from cutting-edge R&D projects to finished products.
Notably, KOTRA has orchestrated a partnership with a Europe-based trade center in close proximity to the exhibition venue, facilitating networking opportunities for invited buyers. This includes visiting domestic company booths, tech knowledge sharing, and business consultations.
Post-pandemic, the global pharmaceutical market has been undergoing substantial transformation, including enhanced self-sufficiency in raw materials and the expansion of core technology R&D. Collaborations with global research institutes, pharmaceutical companies, and tech firms are set to flourish as big data finds increased application in the R&D sphere. According to Statista, a German market research organization, global pharmaceutical industry R&D expenditures reached approximately $244 billion worldwide in 2022, with forecasts projecting an increase to around $302 billion by 2028.
Wonjoon Jung, head of KOTRA's exhibition and convention division, underscores CCPHI Barcelona's significance as a vital platform for staying abreast of pharmaceutical industry trends and connecting with international pharmaceutical companies. He remarked, "We will leverage the pandemic as an opportunity to showcase the advanced products and technologies within Korea's pharmaceutical sector and actively facilitate their entry into the global market."
